Government constitutes Economic Advisory Council headed by Bibek Debroy

Prime Minister Narendra Modi has constituted Economic Advisory Council to the Prime Minister (EAC-PM). The five member of council will be headed by Niti Aayog member Dr Bibek Debroy.

Other members are Dr Surjit Bhalla, Dr Rathin Roy, Dr Ashima Goyal and Ratan Watal. The committee will analyse any issue economic or otherwise referred to it by the Prime minister.

Economic Advisory Council

The EAC-PM is an independent body which provides advice on economic issues to the government, specifically to the Prime Minister. It consists of economists of high repute and eminence.

Terms of reference of EAC

EAC will analyse any issue, economic or otherwise, referred to it by prime minister and advising him thereon. It will also address issues of macroeconomic importance and present its views to the prime minister. It advise can be either suo-motu or on reference from prime minister or anyone else. It can also attend any other task as may be desired by prime minister from time to time.

Background

Formation of EAC by PM Narendra Modi comes over three years after he assumed power. It will play a critical role in reviving the economy’s growth momentum that has has slipped to 5.7% in April-June quarter, the lowest since May 2014. Earlier PM Manmohan Singh had EAC headed by former RBI Governor C Rangarajan, who resigned in May 2014 after UPA government lost power.